EUR/JPY weaker, below 125.00 ahead of Draghi

The cross is extending the bearish note below the 125.00 handle.
ECB left unchanged its interest rates today.
Attention is now focused on Draghi’s press conference.

Pablo Piovano FXStreet

The selling bias continues to hurt the European currency on Thursday and is now prompting EUR/JPY to remain depressed within the broader multi-week sideline theme.

EUR/JPY now looks to Draghi

The cross is extending the consolidative theme prevailing since the start of the new year, always with the upside momentum capped in the 125.00 neighbourhood.

Today’s negative performance in the cross has been exacerbated by disappointing readings from advanced manufacturing PMIs in core Euroland for the month of January, adding to the already deteriorated sentiment surrounding fundamentals in the region.

Looking ahead, President Mario Draghi is expected to deliver a somewhat dovish message at the upcoming press conference after the ECB left unchanged its monetary policy, matching the universal consensus.

EUR/JPY relevant levels

At the moment the cross is retreating 0.26% at 124.40 and a breakdown of 124.04 (low Jan.22) would aim for 123.39 (low Jan.15) and then 118.97 (2019 low Jan.2). On the upside, the next barrier is located at 125.09 (high Jan.9) seconded by 126.96 (55-day SMA) and finally 127.09 (high Dec.27 2018).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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